Resolution 374 RESOLUTION NO. 374
A R i S OLUT I ON OF THE CITY COUNCIL OP TRE
CITY OF MIAMI BEACH, FLOIDA, .AUTHORIZ-
ING THE ISSUANCE OF $222,000 OF II:ROVE-
HENT BONDS IN ONE SERIES , WHICH SERIES
SHALL BE KNOWN AND DESIGNATED AS "SER-
IES F" , F02 THE COST OF MORE THAN ONE
HIGHWAY ILLPROVEIVENT; FOR PART OF THE.
COST OF MORE THAN ONE SANITARY SEWER ILI-
PROVEMENT; FOR PART OF TRE COST OF Z'WO
STORM SEWER LaROTILLTTS,AND T'.HE, COST 02
ONE SIDEWALK II.IPROVEL'LNT, SAID BONDS TO
BE DATED AP?IL 1 , 1923, AND ISSUED UNDER
THE AUTHORITY CONFERRED BY AND CONTAINE_)
IIN SECTION 30 OF THE CHARTER OF THE CITY
OF MIAMI BEACH, FLORIDA, CONTAINED IN
CHAPTER 7672 OF THE ACTS OF THE L'IGISLA-
TURE OF FLORIDA, IN 2T-Tr', YEAR 1917.
BE IT R:ESO JVED BY THE CITY COUNCIL OF THE CITY OF MIAMI BEACH,FLORIDA:
Section 1. That, WHEREAS Section 30 of the charter of
the City of Miami Beach, Florida , authorizing the City Council of
said City, by ordinance or resolution, to issue bonds of said City
for the payment of the costs of any two or more improvements or
any part of such costs , and for the reimbursement of any fund of
said City from which any part of such costs has heretofore been
paid, in an amount not greater than the estimate of cost, includ-
ing the estimate of cost of incidental expenses , and not in ex-
cess of the contract price and the estimated cost of such inci-
dental expenses , and
Section 2. WHEREAS the said City Council has heretofore
passed and adopted resolutions ordering local improvements under
Section 29 of the charter, and directing the City Engineer to pre-
pare and file with the City Clerk plans and specifications of said
improvements and an estimate of the cost thereof, including an
estimate of the incidental expenses , etc. , and
Section 3. WHEREAS the City :Engineer of said City has ,
pursuant to said resolutions , filed his estimates of the cost of
said improvements , including the estimates of the cost of inci-
dental expenses , and
Section 4. 1H REAS subsequent to filing of said esti-
mates of cost the said City Council adopted resolutions that
the City Clerk cause to have posted , in accord with law, a notice
stating that at a meeting therein specified , the City Council
would hear remonstrances of all persons interested , to the con-
firmation of said several resolutions ordering said improvements ,
and
Section 5. ;VREREAs thereafter said resolutions order-
ing said improvements were , after said notice and the posting
thereof, in accord with law, that said City Council would hear
the remonstrances as aforesaid , to the confir iation of said re-
solutions , and after a due hearing; thereoll, ?o_firuod, by the said
City Council , and
Section 6. 1HEREAS no contract or contracts have been
let or made for the construction of all or any of said improve-
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ments ordered by said resolutions , and
Section 7. WHEREAS said City Council intends to sell or
advertise bonds for sale prior to the making of any contract or
contracts for the construction of all or any of said improvements ,
and
Section 8. WHEREAS certain of said improvements herein-
after designated SR-8 to SR-12 , inclusive , are for the construc-
tion of sanitary sewers , and two of said improvements , designated
SR-13 and SR-14 , are for the construction of storm sewers , and
whereas it is hereby estimated that the share of the abutting
property of the cost of constructing said sanitary sewer improve-
ments is $4(4278.14, the actual cost of such share not having
- been determined; and it is also hereby estimated that the share
of the abutting property :Jf the cost of constructing said storm
sewer improvements is $16 ,475. , the actual cost of such share
not having been determined , and whereas on April 9 , 1923, an
election, duly called, was held , at which the question was sub-
mitted to the duly registered and qualified voters of said City,
whether the said City should issue negotiable coupon bonds in
the sum of $65 ,000 for the purpose of paying the City' s share
of the cost of the construction of sanitary sewers , and„ whether
the said City should issue negotiable coupon bonds in the sum
of 818 ,000. for the purpose of paying the City' s share of the
cost of the construction of storm sewers , which bonds were duly
authorized to be issued by the said voters , as was found by a
canvass of the returns of said election, which said sum of
165,000. is a sufficient amount to more than pay the City' s
share of the cost of the construction of said sanitary sewers
herein contemplates , the proceeds of which may be used for that
purpose , and whereas the City Auditor has reported , in writing,
to the City Council that said $65 ,000 is a sufficient amount of
bonds to pay the City' s share of the cost of the construction
of said sanitary sewers.
•
Section 9. WHEREAS the following is a list of the im-
provements ordered and to which reference is hereinabove made ,
which list embraces the designation by which said improvements
are known, the dates of the passage of said resolutions order-
ing the same , the dates of the confirmation of said several re-
solutions ordering said improvements , and the amounts of said
Engineer' s estimates of the cost of said several ir.provements ,
including the estimates of the cost of incidental expenses of
each of said several improvements.
DESIG TATION OF DATES OF RESOLU- DATES OP RESOLU- ENGINE:R'S ESTIMATE OF;
IMPROVEM' NT TIONS ORDERING TIONS COi<YIR :IITTG
THE SAME TiTE' SAME COST OF COST OF IN-
I1 PROVETs NT CIDENT .L
EXID ESES •
District R-24
Highway Improve-
ment H-24 March 7 , 1323 April 18, 1923 8 4 ,166.25 8 416.63
District H-25
Highway Improve-
,vent H-25 IT
" IT . 88,366. 71 8,497.80
District H-26
:Highway Improve-
ment H-26 " " " 1,266.60
126.67
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DESIGNATION OF DATES OF RESOLD- DATES OF RESOLD- ENGINEER' S ESTI LATE OF
IMPROV NT TIONS ORDERINNG TIOiuS CONFIRMING
TIL.{: SAME THE SAME COST OF COST OF IN-
IiJPROVEMNT CIDENTAL
EXFENSES
District H-27
Highway Improve-
ment H-27 March 7 , 1923 April 18 , 1923 0 9,998.58 0 999.86
District H-28
Highway Improve-
ment H-28 " " " 'T 6,084. 96 608.49
District H-29
Highway Improve-
ment H-29 " " " 6 ,880.00 688. 00
District H-30
Highway Improve-
ment H-30 " T, " " 2 ,316.00 231.60
District H-3I
Highway Improve-
ment H-31 IT TT TT TT 26 ,683,50 2 ,668.35
District H-32
Highway Improve-
ment H-32 " " " " 537.39 53. 73
District SR-3
Sewer Improve-
mnent SR-8 TT ,T IT IT 38 ,552.53 3,855.25
District SR-9
Sewer Improve-
ment SR-9 TT " IT 18 ,415.84 1 ,841.58
District SR-10
Sewer Improve-
ment SR-10 " " " " 20,703. 70 2 ,070.37
District SR-1l
Sewer Improve-
ment SR-ll " " 7,683.80 768.38
District SR-12
Sewer Improve-
ment SR-12 T, TT VT TT 5 ,755.00 575.50
District SR-13
Sewer Improve-
ment SR-13 " " " 22,250.00 2 ,225.00
District SR-14
Sewer Improve-
nent SR-14 TT " IT " 1 ,429.00 142. 90
District ST-8
Sidewalk Improve-
ment SIL-8 April 4 , 1923 April 18 , 1923 3,671.42 367.14
Total 3 264 , 761.28 0 26 ,137.27
26 ,137.27
Y 290,898.55
Total cost and expenses
I
Section 10. That for the purpose of paying a part of the
cost of said improvements and the incidental expenses thereof there
be issued the negotiable coupon bonds of the City of Miami Beach,
Florida, in the aggregate amount of §222„000„ which bonds shall be
denominated "Improvement Bonds , Series F" and shall consist of 222
bonds of tiie denomination of $1,000 each, numbered from 1 to 22..2 ,
both inclusive , which bonds shall bear .the date of April 1 , A. D.
1923, and shall bear interest at the rate of 6/ per annum, which
interest shall be payable semi-annually on the first days of April
and October of each year, which interest shall be evidenced by
coupons attached to said bonds , and both the principal and inter-
est of said, bonds shall be payable in gold coin of the United States
of America, of the present standard of weight and fineness , at the
office of the United States Mortgage & Trust Company, in the City
and State Of New York, and said bonds shall mature a n(1 be payable
as follows:
Bonds numbered 1 and 2 , aggregating ? 2,000 on April 1 , 1925.
TT TT 3 to 6 , It 4 ,000 TT 1926
TT TT 7 to 14 IT 8 ,000 TT 1927
TT TT 15 to 23 TT 9 ,000 TT 1928
" r
IT
24 to 36 Tt 13,000 IT 1929
TT Tt , 37 to 50 TT 14 ,000 TT 1930
TT TT 51 to 70 TT 20,000 TT 1931
TT TT 71 to 92 TT 22,000 TT 1932
it TT 93 to 115 TT 23,000 TT 1933
TT " 116 to 138 TT 23,000 TT 1934
IT
TT 139 to 164 TT 26 ,000 TT 1935
" " 165 to 191 TT 27,000 IT 1936
TT TT 192 to 218 " 27 ,000 YT193 7
It " 219 to 222 n 4000 TT 1938
Section 11. That each of said bonds shall be signed by the
Mayor and Clerk and attested by the Auditor of the City of Miami
Beach, Florida, and shall be sealed with the co fporate seal of said
City, and the coupons attached thereto shall be signed by the City
Clerk, whose signature upon such coupons may be in facsimile , and in
none of said bonds shall any option of prior redemption be reserved.
Section 12. That the form of said bonds and coupons shall be
substantially as follows:
'1 ,000.
No.
UNITED STATES OF AMERICA
STAT OF FLORIDA, COUNTY OF DAD
CITY OF MIAMI BEACH
IMPROVEMENT BOND
"SERIES F."
ISSUED UND2R SECTION 30, CITY CHARTER
KNOW ALL MEN BY THESE PRESENTS: That the City of Miami Beach
in the County of Dade , State of Florida , is justly indebted and for
value received hereby promises to pay to the Bearer on the first day
of April , 19 , the principal sum of
ONE THOUSAND D OL LARS
with interest thereon at the rate of six per centum per annum, pay-
able semi-annually on the first days of April and October in each
year, upon the presentation and surrender of the annexed interest
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•
coupons as they severally become due . Both principal and interest
of this bond are payable in gold coin of the United States , of the
present standard of weight and fineness , at the office of the United
States Mortgage & Trust Company in the City of New York and State
of New York.
This bond is one of a series of 222 bonds , of like date and
amount , aggregating $222,000, and is issued for the purpose of pay-
ing a portion of the cost of highway improvements , numbered H-24 to
11-32 inclusive , sewer improvements , numbered R-8 to SR-14 , inclu-
sive , and sidewalk improvement numbered Sir-8 , within and for said
City and under the authority and within the limitations of and in
full compliance with the charter of said City, and in particular
Section 30 thereof, and resolutions duly adopted by the City Coun-
cil. The full faith, credit and resources of said. City of Miami
Beach are hereby irrevocably pledged to the prompt payment of the
principal and interest hereof as the same shall become due . It
is hereby certified and recited that all acts , conditions , and
things required to happen, exist or be performed precedent to and
in the issuance of this bond by said charter and the laws and con-
stitution of Florida, have happened, exist and have been performed
as so required ; that provision has been made for the levy _and col-
lection of a direct annual tax upon all taxable property within
said City, sufficient to pay the interest and principal- of this
bond as the same shall fall due ; and that the total indebtedness
of said City, including this bond , does not exceed any constitu-
tional or statutory limitation thereon.
IN WITE? :SS iREOF said City of Miami Beach has caused
this bond to be signed by its Mayor and Clerk, under its corpor-
ate seal , and attested by its Auditor, and the interest coupons
hereto attached to be signed with the facsimile signature of said
Clerk, all as of the first day of April , 192 .
..
4Iayor
Attest: City Clerk
City auditor
COUPON
No.
On 1 , 19 , TE13 CI`2Y OF MIAMI BEACH, FLORIDA, will
pay to the Beare: , a', the United States Mortgage & Trust Company,
New York City, the sum of
Dollars , in gold coin, as provided in and for the interest then due
on its Improvement Bond , "Series F" , dated April 1, 1923, I?o.
City Clerk.
Section 13. That for the purpose of paying the principal
and interest of said bonds as the same shall become due , there shall
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be and is hereby levied upon all taxable property within. the City •
of Miami Beach, Florida, a direct annual tax in each year while
any of said bonds shall be outstanding, sufficient to meet the pay-
- ment of the principal and interest thereof, maturing in the fol -
lowing year , the proceeds of which taxes , after payment of accru-
ing interest upon said bonds , shall be -paid into a fund which is
hereby created ,and denominated "Local Improvement Bond Fund No.
6'f, which shall be used for no*'other purpose than for the payment
of the principal of such bonds as they mature , provided, however,
that the amount of such annual tax levied may be reduced by the
amount contained. in said Local Improvement Bond Fund and by the
amount of assessment actually collected and then remaining in a
special assessment fund or funds applicable to said bonds.
Section 14. That there is hereby created a fund to be
denominated "Improvement Fund .To. 6" , into which shall be placed
all accruing interest received upon said bonds for the period
between their date and the date of their delivery, and into which
shall also be placed the principal and interest of all assessments
made pursuant to the City Charter for the improvements specified
in this resolution, and the said fund shall be used for no. other
purpose than for .the payment of the principal and interes4 of. the
bonds hereby authorized until all thereof shall have been redeemed
and paid.
Section 15. That the Clerk and City Attorney take such
steps as may be necessary to effect an early sale and delivery of
said bonds.
Section. 16. This resolution shall- be in force and effect
immediately upon its passage and approval.
PASSED AND ADOPTED this 25th day of April , A. D. 1923.
President of City Council
Attest:
City Clerk
APPROVRD April 25th A. D. 1923.
• --- rte- '
Tray or
STATE OF FLORIDA:
C OUiv TY OF DADE:
I , C. W. Tomlinson, City Clerk of the City of Miami Beach,
Florida, DO HEREBY CERTIFY that the five foregoing pages , together
with this page , is a true and correct copy of a resolution passed
and adopted by the City Council of the City of Miami Beach, Florida,
on the 25th day of April, 1923, as the same appears in the I:Zinutes
of the meeting of said City Council of that date .
INT WITNESS WHEREOF I have hereunto set my hand and official
seal at Miami Beach, Florida, this day of April , A. D . 1923.
to mi
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